Sunday, November 27, 2022

Arthur Hayes Avoids Going To Jail, Sentenced 2 Years Probation

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The former CEO of BitMex, Arthur Hayes avoids going to jail after pleading with the US Authorities, so instead, he got 2 years probation but under certain circumstances so let’s find out more today in our latest cryptocurrency news.

The former CEO and co-founder of the derivatives platform BitMEX, Arthur Hayes avoids going to jail and was sentenced to two years of probation with the first six months to be spent in home confinement. The CFTC back in 2020 accused all co-founders of operating a digital trading venue without implementing adequate anti-money laundering rules. BitMex had to pay a penalty of $100 million while the others stepped down. Hayes also filed a request for leniency in his sentencing that was scheduled for May 20.

The sentencing became official a day ago when the US District Judge John Koeltl granted Hayes his wish and will not go to prison. He got a two-year probation sentence and will have to spend the next six months in home confinement. This came after the US prosecutors argued that Hayes’ punishment should be more severe and make an example of him in front of the entire crypto industry. The Assitant US Attorney Samual Ramond said to the judge that this is a very serious offense:

“There were real consequences. When individuals like Mr. Hayes operate platforms without anti-money-laundering programs or know-your-customer programs, they become a magnet for people to launder money.”

US Prosecutors Think, arthur hayes, bitmex, founder
Former BitMEX CEO Arthur Hayes.

The Assitant Attorney added that a light sentence like this one will send a message to him that the cost of doing business is only a fine and he could continue to violate laws for huge amounts nad to pay any fine. The case is being closely watched by other crypto exchanges and companies across the world. On the other hand, Hayes took full responsibility for his action and said he is ready to turn the page and start over.

As recently reported, According to US Prosecutors, the co-founder of BitMEX Arthur Hayes should stay behind bars for more than a year because his company violated the anti-money laundering laws and it is expected that the court will sentence him to spend up to six months and one year in federal prison for pleading guilty of breaching the Bank Secrecy Act back in February.

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